Yesterday saw South Africa’s main stock index gain 0.4%, advancing for the sixth consecutive day.
This is the longest streak of gains for Rand Hedge Stocks since January, as signs of progress toward a virus vaccine lifts risk appetite, driving markets higher.
More than 50% of the listed South African companies climbed, with the four biggest stocks — Naspers, Anglo American, BHP Group and Richemont, which make up 46% of local market capitalisation — leading the advance.
– Naspers advances for a fourth session, rising 1.5% to its highest in more than a week as a resumption of the tech rally lifts partly owned Tencent, in Hong Kong.
– Luxury retailer Richemont rises 1.4%.
– Index for bank stocks gains 0.7% as the rand advances for a second day: Standard Bank +1.1%, FirstRand +0.3%, Absa Group +0.6%, Capitec Bank Holdings +0.5%, Nedbank Group +0.9%, Investec Plc +1.5%.
– Diversified miners BHP and Anglo American lift mining index, which gains 0.8%: Anglo American +2.4%, BHP +1.5%, Gold Fields +1.4%, Glencore Plc +1.4%, DRDGold +2.6%, African Rainbow Minerals +0.1%. Bidvest +6.1% after company publishes full year earnings.
Foreigners remained net buyers of South African stocks for a third day Friday, purchasing R466 million worth of shares, according to bourse operator JSE Ltd.
© 2020 Bloomberg
View Source Article